3 November 2015

First Minister Nicola Sturgeon today chaired the first meeting of the refreshed Financial Services Advisory Board (FiSAB).

Senior people from the industry attend the meeting to discuss ways to make sure that Scotland’s financial services sector continues to be a success.

FM @NicolaSturgeon chairing the first meeting of the refreshed Financial Services Advisory Board today. pic.twitter.com/EiDtQ3TT8m

— First Minister (@ScotGovFM) November 3, 2015

Financial services – such as banks, investment management and insurance – are important to Scotland’s economy. The industry makes up around seven per cent of Scotland’s Gross Domestic Product and employs around 86,500* people.

The First Minister and Deputy Chair Sir Ewan Brown from Scottish Financial Enterprise led the discussion.

The group agreed to work collectively on a number of issues that would lead to the growth of the financial services sector in Scotland and how the financial sector can assist in delivering inclusive growth in Scotland.

The board now has new members:

• Malcolm Buchanan, RBS
• Jayne-Anne Gadhia, Virgin Money
• Fiona McBain, Scottish Friendly
• Anne Richards, Aberdeen Asset Management
• Christine O’Neill, Brodies

Who will join the existing members:

• Sir Ewan Brown, Scottish Financial Enterprise – Industry Deputy Chair
• John Swinney, Deputy First Minister and Cabinet Secretary for Finance, Constitution and Economy
• Fergus Ewing, Minister for Business, Energy and Tourism
• Philip Grant, Lloyds Banking Group
• Benny Higgins, Tesco Bank
• Ian Ferguson, Aviva
• Barry Muir, State Street
• Catherine Burnet, KPMG
• Angus Macpherson, ES Noble
• Mary Alexander, Unite
• Lena Wilson, Scottish Enterprise

Speaking after the meeting, the First Minister said:

The financial services sector plays a vital role in our economy, not only in facilitating and underpinning economic activity within Scotland, but it is also one of our main exporting sectors.

The industry serves customers throughout the UK and internationally and the Scottish Government greatly values the contribution that the industry makes to Scotland’s prosperity.

FiSAB today endorsed a common strategic approach to encouraging the growth of the industry and the Deputy First Minister has agreed to drive that work forward in consultation with the board.

Deputy Chair Sir Ewan Brown added:

The financial services sector is part of the fabric of Scottish society. Insurance, for example, is essential to all economic activity. No bridges, roads or hospitals would easily be built without an insurance system that allows the many participants in such projects to offset risk. Insurance, lending and investment all help to create social and economic goods. They allow customers to manage risk, to do things now and spread the cost over time, and to make things happen that create economic growth.

*2014 figures, BRES survey